Oversea-Chinese Banking (SGX:O39) and CIMB (KLSE:CIMB) are competing for a controlling stake in Bank Pan Indonesia (IDX:PNBN), Reuters reported Tuesday, citing three people familiar with the development.
The lenders have submitted non-binding bids for the combined 85.74% stake, the report said.
Australian bank ANZ (ASX:ANZ) owns a 39.22% stake in Bank Pan Indonesia, while the founding Gunawan family holds a 46.52% ownership.
The stake is valued at around $2.4 billion based on the target's closing price on Moday, according to the report.
Other suitors include Maybank (KLSE:MAYBANK), Mitsubishi UFJ Financial Group (TYO:8306), and Sumitomo Mitsui Financial Group (TYO:8316), the news agency noted.
Panin Bank's shares have risen 58.3% this year, and its valuation aligns with regional peers. ANZ has been seeking to exit Panin Bank since 2013 to refocus on operations at home, the report said.
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